Tredyffryn Easttown Real Estate Question
Is your offer confidential?
Many home buyers presume the offer they are making on a home is confidential. See our video below discussing exactly this point
I totally understand when you write an offer with your buyers agent you expect it to be confidential. Now your buyers agent will hold it confidential, not sharing it with anyone but the listing agent. Your buyer agent has a fiduciary responsibility to you to protect you, your funds, your interests even above and before their own interests.
However, likewise the listing agent has the same level of duty to his seller. As such it is up to the seller if they will allow their listing agent to reveal offers to competing buyers. Under the terms of the Realtor Code of Ethics listing agents are required to share if there are other offers and who they are from, a client of their own, a client of their firm, an outside broker for example. Only if their client, the seller instructs them do they have to reveal details of any of these offers.
Now, in a multiple offer situation, of which there are plenty in today's market it may be in the sellers interest to NOT reveal details. For example the seller lists their home for $550,000, an offer comes in for $540,000 and another offer is made for $560,000. It may be more beneficial to the seller to simply say to any buyer give me your highest and best offer. This may then cause the buyer at $560,000 to increase their offer even higher when the other buyer may choose to not go higher at all. Obviously there are other terms and conditions and the home needs to appraise as well for the sale price if there is a mortgage involved or an appraisal contingency.
Just realize it is the seller who decides if your offer remains confidential.
If you are buying or selling in Tredyffrin Easttown and surrounding areas put our knowledge and experience to work for you. Contact us today, Nick@VandekarTeam.com, or call or text at 610-203-4543, office 610-225-7400.
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